Why is Kusama (KSM) crypto grabbing attention?

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Why is Kusama (KSM) crypto grabbing attention?

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 Why is Kusama (KSM) crypto grabbing attention?
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  • Kusama is a scalable network of specialized blockchains.
  • On Thursday, Kusama (KSM) declared onboarding Turing network as its 32nd Para chain on its platform.
  • KSM has a total supply of 9.65 million.

On Thursday, March 31, Kusama (KSM) declared onboarding the Turing network as its 32nd para chain on its platform. The Turing network will bring its Web3.0 payments and infrastructure to the Kusama network. 

Founded in 2019, Kusama is a scalable network of specialized blockchains. Gavin Wood, the founder of Polkadot and co-founder of Ethereum, has established Kusama using almost the same codebase as Polkadot. 

The network is built using Substrate, a web app development framework that allows software developers to create decentralized systems. 

Kusama (KSM) rose 3.64% to US$192.98 at 4:32 am ET Thursday after the updates. 

What Is Kusama (KSM)?

Kusama calls itself Polkadot’s wild cousin because of being an interoperable blockchain. Kusama is the experimental blockchain platform designed to provide developers with an interoperable and scalable framework.

Developers use the platform for testing, innovating, and deploying their own blockchain on the Kusama network. They often stick with Kusama for their final products rather than shifting to Polkadot.

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The platform offers low barriers to entry for deploying para chains, low band requirements for validators and is mainly used by startups for experimentation. Parachains are project-specific, custom blockchains integrated within the Polkadot (DOT) and Kusama (KSM) networks.

On Kusama, the projects get access to the scalable and interoperable sharded network with features not even available on the Polkadot network yet.

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Kusama is funded by grants from Web3 Foundation that is focused on supporting and stewarding technologies and applications in decentralized web software protocols.

The platform uses a nominated proof-of-stake (NPoS) consensus system instead of using an energy-intensive proof-of-work (POW) scheme.

Unlike other existing blockchains, Kusama is primarily aimed at the developers intending to launch their bold and ambitious projects quickly.

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Kusama Crypto KSMData Source: coinmarketcap.com

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KSM Token details:

KSM is Kusama’s governance token. In the case of Kusama, the governance is decentralized and permissionless. This means that the KSM token holders or para chain token holders can vote on their respective governance proposals, such as upgrades and changes to the protocol etc.

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KSM’s current market capitalization is US$1.63 billion. Out of the total supply of 9.65 million, its circulating supply is 8.47 million KSM. KSM/BTC, KSM/ETH, and KSM/USDT are the most liquid trade pairs.

Its 24 hours volume rose 34.55% to US$97.8 million. The token is available for buy, sale and trade on CoinTiger, FTX, Binance, Bybit and OKX crypto exchanges.

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Bottom line:

The crypto market is risky with no adequate regulations in the space. Hence, investors must be wary of investing in digital assets without exercising due diligence and caution.

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